PRO-LINK+
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 26 days after the deadline Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00428675.
Annual accounts 2025 filed on 26-08-2026 at the NBB all 5 filings
Turnover
≈ €33,000
Estimated: probably between €20,000 and €64,000
Total assets
€185,183▼ 5.3%
2024 · €195,500
Net result
-€9,429
2024 · €26,048
Working capital
-€8,615
2024 · €3,524
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€774
▼ 98.2%
2025
20212025
Net result
-€9,429
2025
lowest quarter of the sector
20212025
Equity
€29,118
▼ 24.5%
2025
middle half of the sector
20212025
Total assets
€185,183
▼ 5.3%
2025
middle half of the sector
20212025
Debt
€156,064
▼ 0.6%
2025
20212025
Working capital
-€8,615
2025
lowest quarter of the sector
20212025
Solvency
15.7%
▼ 4.0pp
2025
lowest quarter of the sector
20212025
Current ratio
0.69
▼ 0.45
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
-5.1%
▼ 18.4pp
2025
lowest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€12,170-€44,498▲ 266%-€12,392€43,068€774▼ 98.2%
Net result€6,175within the sector's middle half-€28,068within the sector's middle half▲ 355%-€17,119below the sector's middle half€26,048within the sector's middle half-€9,429below the sector's middle half
Equity€1,550below the sector's middle half-€29,618within the sector's middle half▲ 19×€12,499below the sector's middle half▼ 57.8%€38,547within the sector's middle half▲ 208%€29,118within the sector's middle half▼ 24.5%
Total assets€13,423below the sector's middle half-€52,092below the sector's middle half▲ 288%€204,738within the sector's middle half▲ 293%€195,500within the sector's middle half▼ 4.5%€185,183within the sector's middle half▼ 5.3%
Debt€11,873-€22,474▲ 89.3%€192,238▲ 755%€156,953▼ 18.4%€156,064▼ 0.6%
Working capital€10below the sector's middle half-€27,975within the sector's middle half▲ 2,929×-€18,984below the sector's middle half€3,524below the sector's middle half-€8,615below the sector's middle half
Solvency11.5%below the sector's middle half-56.9%within the sector's middle half▲ 45.3pp6.1%below the sector's middle half▼ 50.8pp19.7%below the sector's middle half▲ 13.6pp15.7%below the sector's middle half▼ 4.0pp
Current ratio1.00below the sector's middle half-2.24within the sector's middle half▲ 1.240.65below the sector's middle half▼ 1.591.15below the sector's middle half▲ 0.490.69below the sector's middle half▼ 0.45
Return on assets (ROA)46.0%above the sector's middle half-53.9%above the sector's middle half▲ 7.9pp-8.4%below the sector's middle half▼ 62.2pp13.3%within the sector's middle half▲ 21.7pp-5.1%below the sector's middle half▼ 18.4pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 98% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €185,183
Fixed assets
€165,598 ▼ 1.4%
Current assets
€19,585 ▼ 29.0%
Equity and liabilities €185,183
Equity
€29,118 ▼ 24.5%
Debt
€156,064 ▼ 0.6%
Debt's share of the balance-sheet total rises from 80.3% to 84.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€5,279▼
2024 · €47,371
Cash flow
-€4,924▼
2024 · €30,350
Debt to equity
5.36▲
2024 · 4.07
ROE
-32.4%▼
2024 · 67.6%
Interest coverage
0.53▼
2024 · 3.69
Debt ≤ 1 year
€28,200▲
2024 · €24,079
Debt > 1 year
€127,864▼
2024 · €132,874
Income taxes
€191▼
2024 · €4,169
Staff costs
€412
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | €143,000 | €143,000 | €143,000 |
| Carrying value of the mortgaged assets | - | - | €168,074 | €167,201 | €163,263 |
| Guarantees given for others' debts | - | - | €143,000 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,602 | €1,142 | €168,874 | €3,048 | - |
| Intangible fixed assets | - | - | - | - | €2,205 |
| Financial fixed assets | - | - | €500 | - | - |
| Depreciation and write-downs of the year | €1,050 | €1,051 | €1,865 | €4,302 | €4,505 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €345 awarded · €345 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €172 | €172 |
| 2022 | 1 | €173 | €173 |
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €412 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,050 | €1,051 | €1,865 | €4,302 | €4,505 | ▲ 4.7% |
| Other operating charges640/8 | €2,078 | €1,111 | €1,450 | €3,083 | €779 | ▼ 74.7% |
| Gross operating margin9900 | €15,298 | €46,661 | -€9,077 | €50,453 | €6,470 | ▼ 87.2% |
| Operating profit (loss)9901 | €12,170 | €44,498 | -€12,392 | €43,068 | €774 | ▼ 98.2% |
| Financial income75/76B | €0 | €263 | €51 | €1 | €3 | ▲ 356% |
| Recurring financial income75 | €0 | €263 | €51 | €1 | €3 | ▲ 356% |
| Financial charges65/66B | €2,269 | €1,244 | €4,520 | €12,852 | €10,015 | ▼ 22.1% |
| Recurring financial charges65 | €2,269 | €1,244 | €4,520 | €12,852 | €10,015 | ▼ 22.1% |
| Profit (loss) for the period before taxes9903 | €9,902 | €43,517 | -€16,861 | €30,217 | -€9,238 | - |
| Income taxes67/77 | €3,727 | €15,449 | €258 | €4,169 | €191 | ▼ 95.4% |
| Profit (loss) for the period9904 | €6,175 | €28,068 | -€17,119 | €26,048 | -€9,429 | - |
| Profit (loss) for the period to be appropriated9905 | €6,175 | €28,068 | -€17,119 | €26,048 | -€9,429 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €13,423 | €52,092 | €204,738 | €195,500 | €185,183 | ▼ 5.3% |
| Fixed assets21/28 | €1,552 | €1,643 | €169,152 | €167,898 | €165,598 | ▼ 1.4% |
| Intangible fixed assets21 | - | - | - | - | €1,834 | - |
| Tangible fixed assets22/27 | €1,552 | €1,643 | €168,652 | €167,398 | €163,263 | ▼ 2.5% |
| Land and buildings22 | - | - | €168,074 | €167,201 | €163,263 | ▼ 2.4% |
| Furniture and vehicles24 | €1,552 | €1,643 | €578 | €197 | - | - |
| Financial fixed assets28 | - | - | €500 | €500 | €500 | = |
| Current assets29/58 | €11,871 | €50,449 | €35,586 | €27,603 | €19,585 | ▼ 29.0% |
| Amounts receivable within one year40/41 | €4,365 | €29,800 | €28,948 | €24,582 | €17,853 | ▼ 27.4% |
| Trade receivables40 | €3,916 | €19,971 | €15,948 | €8,940 | €12,011 | ▲ 34.4% |
| Other amounts receivable41 | €448 | €9,829 | €13,000 | €15,642 | €5,841 | ▼ 62.7% |
| Cash at bank and in hand54/58 | €6,895 | €19,034 | €5,283 | €3,021 | €1,733 | ▼ 42.6% |
| Deferred charges and accrued income490/1 | €612 | €1,614 | €1,355 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €13,423 | €52,092 | €204,738 | €195,500 | €185,183 | ▼ 5.3% |
| Equity10/15 | €1,550 | €29,618 | €12,499 | €38,547 | €29,118 | ▼ 24.5% |
| Contributions10/11 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Reserves13 | - | €27,500 | €27,500 | €37,047 | €27,618 | ▼ 25.5% |
| Distributable reserves133 | - | €27,500 | €27,500 | €37,047 | €27,618 | ▼ 25.5% |
| Profit (loss) carried forward14 | €50 | €618 | -€16,501 | - | - | - |
| Amounts payable17/49 | €11,873 | €22,474 | €192,238 | €156,953 | €156,064 | ▼ 0.6% |
| Amounts payable after more than one year17 | - | - | €137,668 | €132,874 | €127,864 | ▼ 3.8% |
| Financial debts170/4 | - | - | €137,668 | €132,874 | €127,864 | ▼ 3.8% |
| Amounts payable within one year42/48 | €11,861 | €22,474 | €54,571 | €24,079 | €28,200 | ▲ 17.1% |
| Current portion of amounts payable after more than one year42 | €2,539 | - | €7,964 | €4,794 | €13,004 | ▲ 171% |
| Financial debts43 | - | - | - | €3,386 | - | - |
| Credit institutions430/8 | - | - | - | €3,386 | - | - |
| Trade debts44 | €602 | €3,726 | €5,392 | €6,141 | €7,893 | ▲ 28.5% |
| Suppliers440/4 | €602 | €3,726 | €5,392 | €6,141 | €7,893 | ▲ 28.5% |
| Advances received on contracts in progress46 | - | - | - | - | €2,432 | - |
| Taxes, remuneration and social security45 | €8,720 | €18,747 | €12,822 | €146 | €2,332 | ▲ 16× |
| Taxes450/3 | €8,720 | €18,747 | €12,822 | €146 | €2,332 | ▲ 16× |
| Other amounts payable47/48 | - | - | €28,392 | €9,611 | €2,540 | ▼ 73.6% |
| Accrued charges and deferred income492/3 | €12 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,175 | €28,068 | -€17,119 | €26,048 | -€9,429 | - |
| + Depreciation and write-downs630 | €1,050 | €1,051 | €1,865 | €4,302 | €4,505 | ▲ 4.7% |
| Operating cash flow (approximation) | €7,225 | €29,119 | -€15,254 | €30,350 | -€4,924 | - |
| Investment in fixed assets (approximation) | - | -€1,142 | -€169,374 | -€3,048 | -€2,205 | ▲ 27.7% |
| Change in cash | - | €12,139 | -€13,751 | -€2,262 | -€1,288 | ▲ 43.0% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 1,548 companies had the same profile as PRO-LINK+ has now. Two years later, 91.3% were still going and 4.3% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a small loss
91.3%
was still going
3.9%
stopped otherwise
4.3%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of PRO-LINK+ itself is lower: 0.6% within 12 months. It rests on far more data about PRO-LINK+ than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,548 companies, not a prediction for PRO-LINK+. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-08-2026 | 2026-00428675 | |
| 31-12-2024 | micro format | 16-09-2025 | 2025-00493033 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00438540 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00373476 | |
| 31-12-2021 | micro format | 27-08-2022 | 2022-20328419 |